Legend Senior Living, LLC 401(k) Review & Grade
Legend Senior Living, LLC 401(k) Plan
Wichita, KSHealth Care & Social Assistance2,722 active participantsPlan year 2024
Estimate from the plan's Form 5500 filing · How we grade
$162Employer $ per active participant
$651Employee $ saved per active participant
0.57%Direct admin cost, % of plan assets
$11.2MNet plan assets, end of year
–Average balance per account (account count looks misreported)
Score breakdown
- Employer generosity13.8 / 5028th percentile for employer $ per participant
- Low cost2.6 / 2510th percentile for low admin cost vs. same-size plans
- Employee saving2.9 / 1519th percentile for employee $ per participant
- Plan features3 / 10Default investment
- Red-flag deductions-3 pts1 issue reported on the filing
Total score19 / 100 · Grade F
This plan vs. peers
Peers: Health Care & Social Assistance plans with 2,500–9,999 active participants (312 plans).
| Measure | Percentile |
|---|---|
| Employer $ per participant | 28th |
| Lower admin cost | 10th |
| Employee saving | 19th |
| Peers that auto-enroll | 38% |
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Red flags from the filing
Corrective distributions: the plan refunded $79,082 in contributions, which usually means it failed annual nondiscrimination testing.
What to do if you're in this plan
- Legend Senior Living put in about $162 per active participant, below the typical peer ($800). Any match is still an instant return, so contribute enough to get all of it.
- The filing shows total dollars, not the match formula. Ask HR for the Summary Plan Description so you know the exact match and vesting schedule.
- Direct plan expenses (0.57% of assets) are well above similar-size plans (0.12%). Check your annual fee disclosure, choose low-cost index funds if you can, and think about whether savings beyond the match belong in an IRA.
- Changing jobs? You can usually leave the money in the plan, move it to your new employer's plan, or roll it into an IRA. Don't cash out: you'd owe taxes and possibly a 10% penalty.
The raw numbers from the filing
| Employer contributions | $440,346 |
| Participant (employee) contributions | $1,772,436 |
| Other contributions (incl. rollovers in) | $1,005,880 |
| Administrative expenses paid from the plan | $55,927 |
| Other admin expenses | $18,000 |
| Benefits paid out | $1,339,288 |
| Net assets, start / end of year | $8.3M / $11.2M |
| Active participants, start / end of year | 1,507 / 3,936 |
| Participants with account balances | 565 |
| Auto-enrollment (feature code 2S) | Not reported |
| Auditor | Allen, Gibbs and Houlik, L.C. |
Largest service providers (Schedule C)
| Fidelity Investments Institutional | $48,927 reported compensation |
| BKS Retirement Services | $7,000 reported compensation |
Source: DOL EFAST2 Form 5500 filing, acknowledgment ID 20251002122043NAL0000478993001, received 2025-10-02, EIN 03-0425250, plan #001, plan year 2024-01-01 to 2024-12-31. Verify at efast.dol.gov.